NEWSWIRETODAY Press Release& Newswire Distribution | HOME
MOST TRUSTED NEWSWIRE PRESS RELEASE DISTRIBUTION
PRTODAY / NewswireToday press release distribution service network
More news: Software
Agency / Source: Oracle Corporation

Check Ads Availability|e-mail Article

Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

New Oracle AI-powered Cloud Service Helps Banks Mitigate Anti-Money-Laundering Risks - Oracle Financial Services Compliance Agent identifies and remediates vulnerabilities to lessen banks AML threats and improve evidence-based decisions to mitigate model risk - Oracle.com
New Oracle AI-powered Cloud Service Helps Banks Mitigate Anti-Money-Laundering Risks

 

NewswireTODAY - /newswire/ - Hollywood, FL, United States, 2024/04/08 - Oracle Financial Services Compliance Agent identifies and remediates vulnerabilities to lessen banks AML threats and improve evidence-based decisions to mitigate model risk - Oracle.com. NYSE, NASDAQ: ORCL

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Software Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

With $5.05 trillion expected to be laundered this year alone, banks are struggling to keep up with the cost and complexity of compliance. To help address this massive challenge, Oracle Financial Services today introduced Oracle Financial Services Compliance Agent. The AI-powered cloud service enables banks to run inexpensive, hypothetical scenario testing to adjust thresholds and controls to sort through transactions, identify nefarious activity, and meet compliance requirements more effectively.

“AI and machine learning have tremendous potential to increase the effectiveness of anti-money laundering and other financial crime detection programs to deliver higher efficiencies in the transactional modeling process,” said Jason Wynne, global vice president of finance, risk and compliance product development, Oracle Financial Services. “Putting Compliance Agent in the hands of financial-crime compliance officers will help enable banks to thwart potential money laundering opportunities more quickly and economically.”

Part of Oracle Financial Services portfolio of anti-money laundering (AML) and financial crime and compliance solutions, Compliance Agent is designed to help financial institutions holistically assess and optimize the performance of their transaction monitoring systems (TMS) more cost-effectively and gather empirical evidence to support business decisions. With the service, banks can:

Assess risk profile of new banking products

Compliance Agent can objectively evaluate and measure the AML risk profile of new products and evaluate controls to mitigate these risks cost-effectively, thereby reducing the time to market for new products. The solution also provides the statistical basis needed to reduce conservative bias in deciding AML controls for new products. This is a win for banks that are under pressure to introduce innovative products but must do so without exposing the bank to new avenues of money laundering and incurring extensive and costly assessments.

Proactively assess and mitigate risks from high-risk typologies

Compliance Agent can also proactively assess and diminish risks from high-risk typologies, such as human trafficking. For example, based on the results of an experiment, a user can tune the controls and make the TMS more capable of catching these types of suspicious transaction patterns. Fortifying the TMS for potential high-risk typology behaviors keeps banks proactively prepared for the unknown potential attacks specific to those typologies. This is critical in helping banks stay in good standing with regulators and customers.

Make cheaper, faster, and evidence-supported decisions for risk modeling

In addition, Compliance Agent helps compliance teams provide evidence to model risk teams and regulators so that they have the best controls in place for monitoring transactions efficiently and updating those controls to fight the continuously advancing trends in money laundering tactics. Banks can use Oracle’s AI-powered analytics to make evidence-based compliance decisions faster and cheaper. The “what-if” capabilities of Compliance Agent allow users to evaluate multiple options and help them select the most suitable and optimal option. It can also provide insights about controls, such as transaction limits for banking products, for stronger transaction monitoring.

About Oracle

Oracle (oracle.com) offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud.

About Oracle Financial Services

Oracle Financial Services provides solutions for retail banking, corporate banking, payments, asset management, life insurance, annuities, and healthcare payers. With our comprehensive set of integrated digital and data platforms, banks and insurers are empowered to deliver next-generation financial services. We enable customer-centric transformation, support collaborative innovation, and drive efficiency. Our data and analytical platforms help financial institutions drive customer insight, integrate risk and finance, fight financial crime, and comply with regulations.

Trademarks
Oracle, Java, MySQL and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company ushering in the new era of cloud computing.

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Software Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Agency / Source: Oracle Corporation

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick NewswireToday Visibility Checker

 

Distribution / Indexing: [+]  / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

 
 
# # #
 
Software Warnings - IMPORTANT:
Always be aware/cautious about what you download on your computer/mobile! PURCHASE SOFTWARE related keywords / Banner Ads. Click HERE for details!
.

 
  Your Banner Ad showing on ALL
Software articles,
CATCH Visitors via Your Competitors Announcements!


New Oracle AI-powered Cloud Service Helps Banks Mitigate Anti-Money-Laundering Risks

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name NewswireToday and LINK as the source.
 
  For more information, please visit:
Is this your article? Activate ALL web links by Upgrading to Press Release PREMIUM Plan Now!
Anti-Money-Laundering | Oracle Financial Services
Contact: Judi Palmer - Oracle.com 
650-784-7901 judi.palmer[.]oracle.com
 
PRZOOM / PRTODAY - Newswire Today disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Oracle Corporation securities in any jurisdiction including any other companies listed or named in this release.

Software via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY

Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!


Read Latest Articles From Oracle Corporation / Company Profile


Read Software Most Recent Related Newswires:

OpenText Buys Cybersecurity MDR Platform
Cornerstone Accelerates Jobs-to-Skills Transformation with SkyHive Acquisition
Siemens Simplifies Development of AI Accelerators for Advanced System-on-chip Designs with Catapult AI NN
Etiometry Awarded Frost & Sullivan’s 2024 North American Enabling Technology Leadership Award
Siemens Xcelerator as A Service Expands Across Product Lifecycle with New Cloud Services for Design, Simulation, Operations and PLM
Oracle Named a Leader in Utilities CIS and Billing IDC MarketScape
CentralSquare Unveils CAD and 911 Call Handling in the Cloud At ENGAGE 2024
Oracle Primavera P6 and Unifier Achieve UK Cyber Essentials Accreditation
Siemens Delivers End-to-end Silicon Quality Assurance for Next-generation IC Designs with New Solido IP Validation Suite
Infor Named A Leader in 2024 Gartner Magic Quadrant for Warehouse Management Systems
Red Hat OpenShift Generally Available on Oracle Cloud Infrastructure
Central Highlands Water Selects Infor for Digital Transformation
OpenText Completes Divestiture of Application Modernization and Connectivity (AMC) Business to Rocket Software for .275B
Oracle Energy and Water Awards Recognize Utilities Leading in Industry Transformation and Innovation
REACH by RentCafe Unveils AI Marketing Innovations At AIM

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
NewswireToday Celebrates 10 Years in Business


PREMIUM Members


Visit  JobsWare.com

Visit  RightITnow, Inc.





 
  ©2005-2024 NewswireToday — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution prtoday.com newswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
 
PRTODAY & NewswireTODAY are proudly NOT affiliated with USA TODAY (usatoday.com)